KEYSTONE AMERICA TAX FREE INCOME FUND
NSAR-A, 1995-07-24
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<PAGE>      PAGE  1
000 A000000 05/31/95
000 C000000 808334
000 D000000 N
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000 F000000 Y
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000 J000000 U
001 A000000 KAYSTONE AMERICA TAX FREE INCOME FUND
001 B000000 811-4951
001 C000000 6173383200
002 A000000 200 BERKELEY STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003  000000 N
004  000000 N
005  000000 N
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008 A000001 KEYTONE INVESTMENT MANAGEMENT CO.
008 B000001 A
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008 D010001 BOSTON
008 D020001 MA
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010 A000001 KEYSTONE INVESTMENTS, INC.
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011 A000001 KEYSTONE INVESTMENT DISTRIBUTORS CO.
011 B000001 8-395
011 C010001 BOSTON
011 C020001 MA
011 C030001 02110
022 A000001 PAINE WEBBER INC.
022 B000001 13-2638166
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022 A000002 LEHMAN
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<PAGE>      PAGE  6
SIGNATURE   KEVIN MORRISSEY                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER>	101
<NAME>	KEYSTONE TAX FREE INCOME FUND CLASS A
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	NOV-30-1995
<PERIOD-START>	DEC-01-1994
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	141,726,002
<INVESTMENTS-AT-VALUE>	150,399,114
<RECEIVABLES>	3,230,830
<ASSETS-OTHER>	25,056
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	153,655,000
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	972,473
<TOTAL-LIABILITIES>	972,473
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	93,650,337
<SHARES-COMMON-STOCK>	9,977,989
<SHARES-COMMON-PRIOR>	10,719,229
<ACCUMULATED-NII-CURRENT>	5,894
<OVERDISTRIBUTION-NII>	0
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(4,246,144)
<ACCUM-APPREC-OR-DEPREC>	8,966,252
<NET-ASSETS>	98,376,339
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	3,235,293
<OTHER-INCOME>	0
<EXPENSES-NET>	(566,094)
<NET-INVESTMENT-INCOME>	2,669,199
<REALIZED-GAINS-CURRENT>	(691,526)
<APPREC-INCREASE-CURRENT>	10,285,641
<NET-CHANGE-FROM-OPS>	12,263,314
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(2,633,730)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	172,583
<NUMBER-OF-SHARES-REDEEMED>	(1,054,993)
<SHARES-REINVESTED>	141,170
<NET-CHANGE-IN-ASSETS>	2,684,981
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(29,575)
<OVERDIST-NET-GAINS-PRIOR>	(3,554,619)
<GROSS-ADVISORY-FEES>	(299,438)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(566,094)
<AVERAGE-NET-ASSETS>	97,117,398
<PER-SHARE-NAV-BEGIN>	8.93
<PER-SHARE-NII>	0.26
<PER-SHARE-GAIN-APPREC>	0.93
<PER-SHARE-DIVIDEND>	(0.26)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	9.86
<EXPENSE-RATIO>	0.01
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER>	102
<NAME>	KEYSTONE TAX FREE INCOME FUND CLASS B
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	NOV-30-1995
<PERIOD-START>	DEC-01-1994
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	141,726,002
<INVESTMENTS-AT-VALUE>	150,399,114
<RECEIVABLES>	3,230,830
<ASSETS-OTHER>	25,056
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	153,655,000
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	972,473
<TOTAL-LIABILITIES>	972,473
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	33,049,065
<SHARES-COMMON-STOCK>	3,290,014
<SHARES-COMMON-PRIOR>	3,251,836
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(157,639)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,331,393)
<ACCUM-APPREC-OR-DEPREC>	640,611
<NET-ASSETS>	32,200,644
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	1,037,932
<OTHER-INCOME>	0
<EXPENSES-NET>	(300,727)
<NET-INVESTMENT-INCOME>	737,205
<REALIZED-GAINS-CURRENT>	(217,022)
<APPREC-INCREASE-CURRENT>	3,276,259
<NET-CHANGE-FROM-OPS>	3,796,442
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(774,901)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	324,545
<NUMBER-OF-SHARES-REDEEMED>	(327,901)
<SHARES-REINVESTED>	41,535
<NET-CHANGE-IN-ASSETS>	3,340,232
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(119,944)
<OVERDIST-NET-GAINS-PRIOR>	(1,114,371)
<GROSS-ADVISORY-FEES>	(96,102)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(300,727)
<AVERAGE-NET-ASSETS>	31,158,270
<PER-SHARE-NAV-BEGIN>	8.88
<PER-SHARE-NII>	0.22
<PER-SHARE-GAIN-APPREC>	0.92
<PER-SHARE-DIVIDEND>	(0.23)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	9.79
<EXPENSE-RATIO>	0.02
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ACCOUNTING
RECORDS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH ACCOUNTING
RECORDS.
</LEGEND>
<SERIES>
<NUMBER>	103
<NAME>	KEYSTONE TAX FREE INCOME FUND CLASS C
<PERIOD-TYPE>	6-MOS
<FISCAL-YEAR-END>	NOV-30-1995
<PERIOD-START>	DEC-01-1994
<PERIOD-END>	MAY-31-1995
<INVESTMENTS-AT-COST>	141,726,002
<INVESTMENTS-AT-VALUE>	150,399,114
<RECEIVABLES>	3,230,830
<ASSETS-OTHER>	25,056
<OTHER-ITEMS-ASSETS>	0
<TOTAL-ASSETS>	153,655,000
<PAYABLE-FOR-SECURITIES>	0
<SENIOR-LONG-TERM-DEBT>	0
<OTHER-ITEMS-LIABILITIES>	972,473
<TOTAL-LIABILITIES>	972,473
<SENIOR-EQUITY>	0
<PAID-IN-CAPITAL-COMMON>	24,609,653
<SHARES-COMMON-STOCK>	2,258,120
<SHARES-COMMON-PRIOR>	2,616,944
<ACCUMULATED-NII-CURRENT>	0
<OVERDISTRIBUTION-NII>	(205,480)
<ACCUMULATED-NET-GAINS>	0
<OVERDISTRIBUTION-GAINS>	(1,364,878)
<ACCUM-APPREC-OR-DEPREC>	(933,751)
<NET-ASSETS>	22,105,544
<DIVIDEND-INCOME>	0
<INTEREST-INCOME>	736,442
<OTHER-INCOME>	0
<EXPENSES-NET>	(213,266)
<NET-INVESTMENT-INCOME>	523,176
<REALIZED-GAINS-CURRENT>	(160,842)
<APPREC-INCREASE-CURRENT>	2,361,065
<NET-CHANGE-FROM-OPS>	2,723,399
<EQUALIZATION>	0
<DISTRIBUTIONS-OF-INCOME>	(544,701)
<DISTRIBUTIONS-OF-GAINS>	0
<DISTRIBUTIONS-OTHER>	0
<NUMBER-OF-SHARES-SOLD>	206,125
<NUMBER-OF-SHARES-REDEEMED>	(600,092)
<SHARES-REINVESTED>	35,143
<NET-CHANGE-IN-ASSETS>	(1,124,170)
<ACCUMULATED-NII-PRIOR>	0
<ACCUMULATED-GAINS-PRIOR>	0
<OVERDISTRIB-NII-PRIOR>	(183,954)
<OVERDIST-NET-GAINS-PRIOR>	(1,204,035)
<GROSS-ADVISORY-FEES>	(68,107)
<INTEREST-EXPENSE>	0
<GROSS-EXPENSE>	(213,266)
<AVERAGE-NET-ASSETS>	22,100,495
<PER-SHARE-NAV-BEGIN>	8.88
<PER-SHARE-NII>	0.21
<PER-SHARE-GAIN-APPREC>	0.93
<PER-SHARE-DIVIDEND>	(0.23)
<PER-SHARE-DISTRIBUTIONS>	0.00
<RETURNS-OF-CAPITAL>	0.00
<PER-SHARE-NAV-END>	9.79
<EXPENSE-RATIO>	0.02
<AVG-DEBT-OUTSTANDING>	0
<AVG-DEBT-PER-SHARE>	0

</TABLE>


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